Budget Tips for Teens

By 113716

Budget Tips for Teens

By 113716

Tip #1: Set limits

Setting limits on your spending can allow you to save money and gain self control. Tell yourself you can only spend x amount on recreational purchases and y amount on necessities per month. It doesn't have to be specific, just simple limits to build off of as you get better with your money.

Tip #2: Have self control

Ask yourself if you feel the tenancy to make a purchase, "do I need this? What will I do with this once I get home? Will I use this frequently? Can I wait and ask for this for my birthday later? Will I get sick of this?" Base your decision to buy off of these answers.

Tip #3: Eat at home rather than dining out

Meals at restaurants and dining out can be extremely costly. Before going to the mall with your friends, eat a sandwich and some protein to hold you over so you don't feel the need to buy that expensive food.

Tip #1: Set limits

Setting limits on your spending can allow you to save money and gain self control. Tell yourself you can only spend x amount on recreational purchases and y amount on necessities per month. It doesn't have to be specific, just simple limits to build off of as you get better with your money.

Tip #2: Have self control

Ask yourself if you feel the tenancy to make a purchase, "do I need this? What will I do with this once I get home? Will I use this frequently? Can I wait and ask for this for my birthday later? Will I get sick of this?" Base your decision to buy off of these answers.

Tip #3: Eat at home rather than dining out

Meals at restaurants and dining out can be extremely costly. Before going to the mall with your friends, eat a sandwich and some protein to hold you over so you don't feel the need to buy that expensive food.

This video does an excellent job at explaining this tip. When you use cash, it isn't as easy as just swiping a card and it makes physically paying a more controlled thing.

Budgeting Money: Use Cash Instead of Debit & Credit Cards

Tip #5: Prioritize what you spend your money on

Think about it. If you don't buy that 40$ shirt, you can have 40 more dollars towards the family vacation next month. It wouldn't be fin if you didn't have some money to spend on the trip. You need to prioritize what it is you are spending your money on, thinking about what you need in the future.

Tip #6: Keep track of your purchases

When you see where it is you are spending the most money at or what kind of objects you are spending the most on, it will allow you to see where you have to cut back and how you can save.

Tip #7: Only bring a certain amount of money with you when you go out

This one is simple. When you only have x amount with you, you can only spend x amount. This will prevent you from spending too much.

Tip #5: Prioritize what you spend your money on

Think about it. If you don't buy that 40$ shirt, you can have 40 more dollars towards the family vacation next month. It wouldn't be fin if you didn't have some money to spend on the trip. You need to prioritize what it is you are spending your money on, thinking about what you need in the future.

Tip #6: Keep track of your purchases

When you see where it is you are spending the most money at or what kind of objects you are spending the most on, it will allow you to see where you have to cut back and how you can save.

Tip #7: Only bring a certain amount of money with you when you go out

This one is simple. When you only have x amount with you, you can only spend x amount. This will prevent you from spending too much.